Thursday, June 30, 2022
Thursday, June 30, 2022
Home Business Faulu Microfinance Bank Launches New Contactless Cards With 3D Security Features

Faulu Microfinance Bank Launches New Contactless Cards With 3D Security Features

by James Musoba
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 Faulu Microfinance bank has launched its new contactless card which now allows its users to tap and pay on the go for all its 40,000account holders in Classic and Platinum variants.

The Faulu Visa Debit card can be activated at any Faulu branch or at any Faulu ATM countrywide. Once active, customers can make ATM withdrawals of up to Ksh.35,000 for Classic cards and up to Ksh.70,000 for Platinum cards. In addition, users can swipe up to Ksh.70,000 for the Classic cards and up to Ksh.200,000 at all the Visa Branded Merchants for Platinum cards.

According to Faulu Bank Microfinance Managing Director Apollo Njoroge, “The contactless card provides a fast and convenient way to make transactions as it does away with the hustle of looking for hard cash. Besides, with the innovative 3D Security Features embedded into it, it comes with added security, making it safe and secure while still enjoying the benefits of a regular card”.

The 3-D Secure is hailed for its fraud detection intelligence and acceleration of digital transactions with a fast and secure authentication. It allows information sharing for merchants to send a unique number of transactions that allows the user to authenticate customers more accurately without asking for a static password or slowing down any transactions.

Unlike the regular cards which users swipe or insert to transact, contactless Debit cards only need you to place your card within a few inches of a contactless-enabled payment terminal and the payment information will be transferred. The card has an embedded chip, emitting electromagnetic waves that connects to the terminal. Placing the card within a few inches of the payment terminal will initiate the payment in a second or two.

The new cards’ 3D Secure feature allows users to safely shop online on e-commerce platforms like; Jumia, Glovo, Kilimall, Alibaba, Amazon, AliExpress-bay etc. For services, users can make payments to platforms such as Netflix, Amazon Fire Stick, Google, Apple etc. The safety of these online transactions has been enhanced by sending a One Time Pin (OTP) to the customer’s registered mobile number before completing the transaction.

“The beauty of using the Faulu Visa Card is that there is no extra charge to the shoppers who use it in all Visa Branded outlets worldwide like Supermarkets, Hotels, Restaurants, and Petrol Stations among others,” said Njoroge

Card users can access cash at Faulu ATMs, Verve / Pesa-point ATMs and at any Visa branded ATMs locally and abroad.

The bank has a customer base of over 400,000 customers.

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